v3.26.3
INCOME TAXES
 12 Months Ended
Jul. 25, 2026
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The components of the provision for income taxes are as follows:
Years Ended
July 25,
2026		July 26,
2025		July 27,
2024
Federal:
Current$8,926 $11,372 $12,348 
Deferred3,623 3,803 1,148 
State:
Current7,698 10,557 10,077 
Deferred921 (293)(1,318)
Total income taxes$21,168 $25,439 $22,255 
In accordance with the Company's prospective adoption of ASU 2023-09 (see Note 1), a reconciliation of the U.S. federal statutory income tax rate to our effective income tax rate is as follows:
Year Ended
July 25, 2026
AmountPercent
Income taxes at the U.S. federal statutory rate$15,461 21.0 %
State and local income taxes, net of Federal income effect (1)
6,808 9.2 %
Non-taxable or non-deductible items:
Excess tax benefits from share-based compensation(1,194)(1.6 %)
Non-deductible executive compensation565 0.8 %
Other non-taxable or non-deductible items(173)(0.2 %)
Tax credits:
Work opportunity tax credits(299)(0.4 %)
Total income taxes and effective tax rate$21,168 28.8 %
(1)State taxes in New Jersey made up the majority (greater than 50%) of the tax effect in this category.
In accordance with the disclosure requirements in effect prior to the adoption of ASU 2023-09, a reconciliation of the U.S. federal statutory income tax rate to our effective income tax rate is as follows:
Years Ended
July 26,
2025		July 27,
2024
Statutory federal income tax rate21.0 %21.0 %
State income taxes, net of federal tax benefit9.9 %10.2 %
Other0.2 %(0.6 %)
Effective income tax rate31.1 %30.6 %
In accordance with the Company's prospective adoption of ASU 2023-09, disclosure of disaggregated cash paid for income taxes, net of refunds received, in fiscal 2026 is as follows:
Year Ended
July 25,
2026
Federal$4,020 
State and local:
New Jersey6,504 
New York State880 
New York City823 
Other140 
Total cash paid for income taxes, net of refunds$12,367 
Cash paid for income taxes, net of refunds received, was $24,695 and $34,160 in fiscal 2025 and 2024, respectively.
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's deferred tax assets and liabilities are as follows:
July 25,
2026		July 26,
2025
Deferred tax assets:
Lease liabilities$81,509 $86,132 
Compensation related costs4,466 6,282 
Pension costs926 1,127 
Other683 849 
Total deferred tax assets87,584 94,390 
Deferred tax liabilities:
Tax over book depreciation28,238 25,770 
Lease assets71,608 76,329 
Patronage dividend receivable4,196 4,022 
Investment in partnerships1,403 1,437 
Other1,645 1,731 
Total deferred tax liabilities107,090 109,289 
Net deferred tax liability$(19,506)$(14,899)
Deferred income tax assets (liabilities) are included in the following captions on the consolidated balance sheets as of July 25, 2026 and July 26, 2025:
July 25,
2026		July 26,
2025
Other assets2,305 3,252 
Other liabilities(21,811)(18,151)
A valuation allowance is provided when it is more likely than not that some portion of the deferred tax assets will not be realized. In management's opinion, in view of the Company's previous, current and projected taxable income and reversal of deferred tax liabilities, such tax assets will more likely than not be fully realized. Accordingly, no valuation allowance was deemed to be required as of July 25, 2026 and July 26, 2025.
The Company files income tax returns with federal, state and local tax authorities, and is open to examination with varying statutes of limitations, generally ranging from three to four years.